FoxBit Review

FoxBit Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this FoxBit Review.

FoxBit Review

FoxBit Is a one of the major players in the Brazilian cryptocurrency space. They are a member of the BLINKTRADE network, which also serves clients in Venezuela, Chile, Pakistan and Vietnam. In essence, FoxBit allows Brazilians access to Bitcoin.

FoxBit Advantages

Trading against BRL – the most obvious strong side of this exchange is the fact trading it done against the local currency (BRL). This makes the company much more appealing to some customers, but a few other relatively exotic ones are supported (by the entire BLINKTRADE network), namely VEF, PKR, CLP and VND. We are not certain if having an account with one of the companies in the group will grant you access to all the service of them.

Brazilian bank transfers supported – being able to deposit and withdraw Brazilian Real via bank transfer is without a doubt a significant convenience. We didn’t find any information on the support of such functionality for the other fiat currencies on offer.

When it comes to the fees, deposits in BRL are free of charge, while a 1.39% commission is taken from withdrawals with partnering banks. In case your account is with a non-partnered bank, this is increased to 1.39% + R$ 8.95.

That being said, bank transfers can take several days and will involve some fees. Some exchanges accept credit cards and while the fees involved may also be solid, at least you get instant execution.

FoxBit Disadvantages

Only suitable for Brazilians – the main benefit of this entry-level company is also its main flaw, which is often the case with local players. If you are not living in Brazil, this exchange will not be of much benefit to you. Luckily there are companies like CEX.io, Coinbase and Bitstamp, which offer banking services to a broader range of countries.

Only Bitcoin offered – another weakness of FoxBit is the lacks of actions. While bitcoin is the most popular cryptocurrency, there are many others and some people will prefer to diversify their crypto-portfolio. Luckily for them, there are many other exchanges, where they could send thee newly acquired coins.

High market taker fees – the trading fees at FoxBit are higher than what we are used to seeing at other exchanges. That being said, they do serve a very specific market, which may justify the 0.25% maker and 0.50% taker fees. Most other companies charge takers (or all traders) around 0.25%.

No margin trading – Given the service offered by FoxBit, it’s no surprise, that margin trading is not available at this exchange. They are oriented towards helping people convert their fiat currencies into Bitcoin and vice versa, instead of providing a speculative trading venue.

In case you are looking for a more short term and active approach, trading with a forex broker may be a better option for you. This does come with a lot of other details, which we have fully explained here. The short version is that this is not suitable for a long term investment, but only for speculative trading.

No charting – FoxBit does not provide what experienced traders will call a trading platform. While the order book is very clean and easy to read, the absence of any form of charting is quite notable. Then again, a lot of exchanges do provide solutions which are not practical, so we can’t really be that dissatisfied with FoxBit.

FoxBit is a company, which allows Brazilians to enter the world of cryptocurrencies and more specifically the most popular one – Bitcoin. They are part of the BLINKTRADE network, which also serves other countries. While we didn’t manage to find may user opinions about FoxBit, the ones we did put it at par with other local competitors. The maker fees may be a bit too high, but this seems justified, given the fact this is an entry level company, which doesn’t charge deposit fees. As a whole FoxBit seems like a credible company.

While this may be the case, we feel the need to reiterate the inherit risks involved with the cryptocurrency space. In case you are only willing to speculate with the price of Bitcoin, dealing with a well-regulated forex broker will be a much safer alternative.